Artificial intelligence

The next frontier for investment management firms

 Artificial intelligence | The next frontier for investment management firms

Table of contents
Artificial intelligence in investment management 3
Four pillars for transformation 5
Adoption and implementation risks 11
The AI journey–where to start 12
Endnotes 14
Contacts 15

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Artificial intelligence | The next frontier for investment management firms

Artificial intelligence in
investment management

What is artificial intelligence?

While there is no single, universally accepted definition, artificial intelligence (AI) generally refers to the ability of machines to
exhibit human-like intelligence and a degree of autonomous learning. An example would be machines solving a problem without
the use of hard-coded software containing detailed instructions. Deloitte recently worked with the World Economic Forum on a
report, The new physics of financial services: How artificial intelligence is transforming the financial ecosystem. Through that project we
developed this definition of what AI is:

Artificial intelligence is a suite of technologies, enabled by adaptive predictive power and exhibiting some degree of autonomous
learning, that dramatically advance our ability to:

•• Recognize patterns

•• Anticipate future events

•• Create good rules

•• Make good decisions

•• Communicate with other people1

To put it another way, AI is a suite of technologies and capabilities which, when adopted, can enable firms to dramatically deliver
new kinds of value and reshape operating models.

The adoption of AI in investment management is now empowering firms to do things they couldn’t do before: augmenting the
intelligence of the human workforce, and facilitating the development of next-generation capabilities.

Ten AI use-cases in investment management

Portfolio management and client enablement: Front, middle, and back office efficiency:

•• Automated insight: reading earnings transcripts to •• Operations intelligence: using machine learning to
assess management sentiment automate functions

•• Relationship mapping: identifying nonintuitive
relationships between securities and market indicators
•• Alternative datasets: analyzing alternative data such
as weather forecasts and container ship movements,
monitoring search engines for words on specific topics to
structure hedging strategies
•• Powering risk performance: AI-based algorithms and
machine learning to monitor for suspicious transactions,
and trigger response protocols
•• Reporting and servicing: generating reporting for
clients, portfolio and risk commentary, and marketing
material using natural language processing

•• Growth opportunities: using corporate website traffic •• On-demand reporting: chatbots and machine learning
to gauge future growth along with clients’ behavioral used to respond to employee or investor queries,
patterns generating management reporting on-demand

•• Client outreach: smart client outreach and demand •• Employee insights: monitor employee conduct risk and
generation via analytics, using alternative data sources employee morale
such as social media data

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 Artificial intelligence | The next frontier for investment management firms

Where have we seen adoption of machines in investment management?

The operating environment for investment management firms worldwide continues to undergo sustained transformation as
well-documented industry challenges intensify. Limited organic growth, volatile capital market returns, and fee and margin
compression have created a more challenging context. In this shifting paradigm, technology continues to play a critical role in
enabling rapid business transformation, as well as driving opportunities for efficiencies, innovation, and value creation.

To date, the core focus of industry applications of intelligent machines has predominantly centered on boosting operational
efficiencies across front, middle, and back office processes. These use cases and applications have typically focused on:

•• Identifying trends and patterns to support sales and distribution, product pricing, trade allocation, portfolio construction and
analytics

•• Streamlining processes across middle and back office activities including trade support, reference data analysis, performance
attribution, account set-up and customer onboarding

With traditional sources of differentiation in investment management becoming increasingly commoditized, AI is providing new
opportunities which extend far beyond cost reduction and efficient operations. Many investment management firms have taken
note and are actively testing the waters, applying cognitive technologies and AI to various business functions across the industry
value chain. BlackRock, the world’s largest asset manager, announced earlier this year that it has set up a new center dedicated to
research in AI—the “BlackRock Lab for Artificial Intelligence”—underscoring the heightened interest among firms around how AI
can transform many facets of the industry.2

The next section of this report will examine how AI, where aligned to the four pillars of desired outcomes can be deployed by
investment management firms to drive business transformation.

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Artificial intelligence | The next frontier for investment management firms

Four pillars for transformation

The evolving status quo in the investment management industry thrusts into the spotlight the growing importance for firms to
make bold decisions to allocate capital to capabilities and initiatives which offer potential for transformation and value creation.
We have identified the following four pillars for transformation.

Generating Alpha

For firms seeking organic growth through outperformance, big data and alternative data offers up a world
of possibilities for generating additional alpha.

Enhancing Operational Efficiency

Firms will continue to deploy AI and advanced automation to continuously improve the efficiency of their
operations. However, beyond this, firms have the opportunity to transform these traditional cost centers
into AI-enabled “as a service” offerings.

Improving Product And Content Distribution

AI can enable advisers to holistically understand investor preferences in real time, more effectively manage
and tailor content, and deliver it with greater agility and speed to clients.

Managing Risk

AI can bolster compliance and risk management functions, enabling firms to:

•• Automate data analysis

•• Reduce administrative activities

•• Refocus employees’ time to higher value-add activities

When these four pillars are augmented with AI, investment management firms can rapidly transform business models, operations,
and internal capabilities. The successful development and implementation of AI will however be heavily influenced by the choices
that stakeholders make today with regards to a firm’s technology strategy, standard operating model, core infrastructure, and
talent agenda. Firms that move early will likely stand in good stead to capitalize on these four pillars.

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 Artificial intelligence | The next frontier for investment management firms

PILLAR #1: GENERATING ALPHA

At the core of every active investment manager is the goal to generate alpha for their clients. As technology and data evolve, firms
that keep pace, or lead, in the application of new approaches open up the opportunity to outperform. The rate of data creation is
growing exponentially, and firms that transform data into fuel for investment insights will improve their opportunity for alpha.

How to get started with alternative data—the operating model3

Alternative data adoption requires operating model changes Alternative data requires a
diverse talent pool
An ongoing talent and technology race is on for alternative data implementation as
investment management firms see the rewards of implementation. Value realized from alternative data
Points to consider while adopting alternative data
Machine
intelligence
• Identifying the right data type and having quick access
Identifying
is important for integrating within the investment
the right decision-making process Purple • AI proposed
alternative people investing
• Regular efficacy testing of the dataset signals could
data type also be required to test for alpha decay
algorithms

• Human initiated • Self monitoring

utilization of and reporting of
Having an • An integrated analytics platform for undertaking enhanced data efficacy
different analytics promotes idea sharing and generates processing
integrated capability
greater efficiency
data analytics Legacy
• Combining this with traditional financial data can lead technology
Adopting platform
to differentiated market insights
alternative
data • Required to manage vastly different technology,
Establishing storage, and computing requirements for varied Operational model transformation
a fluid data alternative data types
architecture • System should handle multiple data feeds via API
along with scalable processing power
Investment managers could unlock the
transformative benefits of alternative data
adoption by implementing incremental
• Insights team composed of data scientists, engineers, changes in their operating model
Building a and analysts better positioned to derive new insights
collaborative from alternative data
insights team • Cross-functional trainings could also prepare the
insights team for handling new datasets quickly

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Artificial intelligence | The next frontier for investment management firms

How intelligent machines can help

Idea throughput

With advanced analytics of structured and unstructured data, firms can vastly improve the quantity of information used to
support investment ideas. Machines can process events at roughly 2,000 times the speed of humans and they work around the
clock.4 Imagine a typical analyst, constrained by time, being transformed from reading a few analyst reports and listening to the
earnings call for a name that they follow, into having a dashboard that summarizes all of the available reports and compares the
earnings call across time and competitors. Machine-assisted analysts will likely be better.

Idea quality

Some insights may come only from digesting vast quantities of data. When faced with extremely large datasets, humans are
overwhelmed without computer assistance. Computers don’t get frustrated sifting through the data, searching for the magic
correlations. When computers can identify these ideas and pass them along in a digestible format to their human bosses, decision
quality can improve. Hypothetically, imagine a computer analyzing Boston Marathon data. What if it discovered that the frequency
of a running shoe brand being worn sometimes changed from year to year. And that when it changed by more than 2 percent it
was highly predictive to the revenues for the shoe brand over the next quarter.

If firms can do more and do it better, odds are their results will improve

Adopting alternative data can focus on augmenting existing investment processes, rather than transforming them. This approach
may help ease tension between portfolio managers and data analysts. Assessing investment strategies for strategic fit for
alternative data is an important early step to take. It starts with a basic question: In a perfect world, what information would you
like to know as you analyze a firm? Followed by: What information do you currently use as a proxy for that information? After those
two questions are answered, then a search for alternative datasets that also relate to the desired information can commence.
Once found, datasets that show initial promise can be fully tested as part of the investment model. Datasets that pass rigorous
testing for alpha generation can be evaluated for risk characteristics and desired controls. After the risks are understood then
decision models can be adjusted to incorporate the new input from alternative data. At this point, ongoing monitoring of the
drivers and results of the investment decisions can track the efficacy of changes.

AI and alternative data in action

Man Group has been a pioneer in using AI and alternative data to support alpha generation with funds incorporating AI now
collectively managing in excess of US$12 billion. The assets under management of the UK-based hedge fund manager’s AHL
Dimension Fund has quintupled since 2014.5 Notably, in collaboration with Oxford University, Man’s AHL unit has established
the Oxford-Man Institute to accelerate research into machine learning which underpins AHL’s investment process.6

As alternative data use for alpha generation matures, more firms and investment strategies can be supported. At first
alternative data supported event driven or other short-term trading strategies, most often used by hedge fund managers.
Now, more sophisticated technologies are creating datasets that support managers with a long-term approach. Alternative
data is no longer just for hedge funds.

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 Artificial intelligence | The next frontier for investment management firms

PILLAR #2: ENHANCING OPERATIONAL EFFICIENCY

Efficiency is no longer a
differentiator

Back office “as a service” model—from cost center to profit center7 Increasing standardization and uniformity
Investment management firms must be more cost sensitive in the current of processes results in the commoditization
operating environment. Managing the cost of operations remains critical of similar capabilities, prompting firms to
to survival in order to offset the waves of new regulations, fee pressures seek out new value propositions.
and the shift to lower-cost passive products. In response, many firms are
undertaking large transformation programs with a focus on outsourcing and
process automation. Data solutions as the “epicenter”

The advancement of AI is also serving as a catalyst for firms to turn The cost of operations and the
traditional operational centers of excellence into services which can be ever-growing scale and complexity of data
offered as a service to competitors. Non-core activities can in turn be are critical speed bumps. Continuous
externalized to specialist providers. Early AI adopters will have the advantage investment in AI-enabled data solutions
of converting these “as a service” capabilities into profit-centers and creating can help firms innovate, improve services,
a competitive advantage. AI-enabled services that achieve operational and reduce costs.
excellence can continuously improve at such a rapid pace that it becomes
impossible for competitors to catch up. At that point, the service becomes
both a defensible advantage and a sustained revenue source for firms.

AI is also impacting middle and back office functions that firms must retain in-house due to regulatory obligations such as
oversight functions. With the power to augment monitoring and decision-making AI is a game-changer for compliance and risk
management.

In operations, AI-enabled processes are increasingly being built on modular and cloud-based architecture to enable more agile
operating models. Cloud-based architecture makes it easier for firms to “plug and play” with third-party services, as well as to
externalize “as a service” offerings. Where service offerings are AI-enabled, they can ingest and process more data to, in turn,
facilitate continuous learning and improvement.

IM in action—externalization of best-in-class processes

Aladdin, by BlackRock, is a great example of a leading investment management firm that developed respected internal
services, then made them commercially available. BlackRock’s CEO Larry Fink has stated that he wants Aladdin to make up
30 percent of BlackRock’s revenues.8

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Artificial intelligence | The next frontier for investment management firms

PILLAR #3: IMPROVING PRODUCT AND CONTENT

DISTRIBUTION IM in action—B2B platforms

AI in investment management is reshaping distribution and enabling firms to In 2018 UBS Asset Management
extend their distribution models into new markets and customer segments which announced that it is launching a
have been traditionally underserved. AI is also facilitating scaled distribution of white-label platform, UBS Partner,
customized products and tailored client interactions. As sales team productivity which will allow advisors to assess
continues to decline, driving growth in a challenging operating environment will client portfolios against individual
require industry incumbents to adopt a new approach to distribution and client goals and risk appetites, as well as
servicing models. AI can help firms fundamentally enhance their existing models make buy or sell recommendations,
and time-to-market. Let’s take a practical example—customer relationship based on proprietary algorithms.9
management (CRM) tools can provide the workflow and interaction with the
sales team. AI-enabled analytics can provide differentiated insights and actions.
Together, these tools can equip sales teams with easier and quicker access to
relevant content.

Advisor and customer segmentation, and customer experience have emerged as new battlegrounds in investment management.
AI is changing how financial institutions attract and retain customers, and through this, offers the opportunity for firms to innovate
and enhance the investor journey, from segmentation and outreach through to content distribution and reporting. What is certain
now is that investment management firms can no longer rely solely on price and outperformance to attract investors. Firms that
adapt their products and integrate AI, data, and analytics into their service delivery models will be better placed to optimize and
execute their product and content distribution strategies.

Enhanced digital engagement can also enable improved sales efficiency by using AI-enabled robo-advisors and chatbots to
impact the sales and servicing cycle. Firms have recognized a new opportunity to gain direct distribution to investors, benefit from
enhanced efficiencies in servicing small accounts, and offer value-added services for advisors. This has translated into a wave of
investment activity, with asset managers and intermediaries acquiring or investing in robo-advice technology.

How intelligent machines can help Example

Seamless client experience

Leverage digital technologies to deliver a personalized, Robo advice: Hybrid solutions to enable
consistent and efficient client experience, customized by AI-based automated advice which supports
tier and segment customers when and where they make decisions

Marketing and sales optimization

Empower business development and relationship AI-enabled intelligent dashboards which

management sales teams with the insights and tools they adapt to every interaction that advisors have
need to more efficiently engage their clients to win and/ with their customers to make critical information
or retain flows accessible on-demand

Content effectiveness

Produce and distribute relevant, high-quality and timely Predictive modeling can provide unexpected
content on demand to internal and external consumers insights, enable better insight-driven decision
making, and provide a competitive advantage

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 Artificial intelligence | The next frontier for investment management firms

PILLAR #4: MANAGING RISK Investment compliance management

Identify investment guidelines from source documents (IMAs,
exemptive orders, prospectus, regulations, house rules,
investment policy statements) and create or update rule libraries

AI can bolster compliance and risk management

How intelligent machines can help

Liquidity risk management
functions as risk issues typically include ambiguous
Identify liquidity events, and based on defined triggers,
and/or improbable events.10 Traditional methods of risk automate response protocols

analysis can no longer handle the ever increasing volume

of data. AI-enabled risk management can identify and Operational risk management
manage both known and unknown risks in these vast Create exception-based dashboards to identify processing
errors and gap SLAs (KPIs and KRIs)
pools of data. In terms of practical examples, AI can help
investment management firms to:
Conduct risk
•• Automate consumption and analysis of data Use bad behavior models to identify employees exhibiting
similar patterns to stop behavior before it grows in duration

•• Reduce administrative activities

Regulatory reporting
•• Focus employees’ time on exception-based handling
Extract information from regulations to identify new or
and resolution of identified errors, inconsistencies in updated requirements

expected outcomes, and compliance violations

Reputational risk management
Scan horizon to sense potential threats, seize opportunities,
and shape perceptions within a 72 hour window

Legend RPA Natural language processing Cognitive

IM in action—Liquidity risk management

In 2017, BlackRock announced that it would incorporate internal trade data into its existing market liquidity model, and apply
machine learning techniques to more accurately calculate the cost of redemptions and gauge liquidity risk.11

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Artificial intelligence | The next frontier for investment management firms

Adoption and
implementation risks

The journey to successfully adopting and implementing AI will involve strategic and operational risk considerations which early
adopters, niche innovators, and large-scale players will need to carefully evaluate and address. An essential part of this roadmap
will involve understanding, identifying, and managing the risks which will punctuate the AI journey.

BEFORE IMPLEMENTATION
As is the case when making strategic decisions around the implementation of other emerging technologies, firms
struggle to strike a balance between being:
Early adopters vs Late adopters
Finding themselves subject to a “learning fee” Running the risk of being left behind as the
to overcome the complexity and uncertainties industry evolves to establish a new normal
associated with newer technologies

DURING IMPLEMENTATION

Consider the following to help mitigate implementation risk:

Engage compliance and the firm’s enterprise risk management framework early on to ensure that
any firm or regulatory requirements are not overlooked

Identify mature, well-defined, rules-based processes as candidates for automation and AI.
Selecting “broken processes” for implementation first will result in errors being compounded by AI

Establish a robust testing program that includes a production readiness checklist to:
•• Enable proactive identification of errors •• Manage development and integration

ONGOING MONITORING
As emerging AI technologies are leveraged, new risks will evolve across operational, regulatory, and technological dimensions.

OPERATIONAL REGULATORY TECHNOLOGICAL

Varied risks create the need for varied
and adaptable risk management
•• Poor design, coupled with the high-
execution speed of bots (i.e., software
applications) can multiply processing
errors without the right stop-controls
•• Ineffective and outdated oversight
procedures can lead to high-impact
errors going unidentified
Regulators will expect enhanced
monitoring capabilities to oversee the
adoption of AI
•• Incorrect regulatory reports generated
through automated data extraction
and report preparation may result in
regulatory issues
•• Bot-processing may inadvertently
violate the law or firm policies
Added onus on the maintenance and
oversight of technology and cyber
architectures
•• Lack of robust business continuity,
including disaster recovery programs,
may lead to ineffective handling of bot
and AI breakdowns and prolonged
operational risk
•• Cyber breaches can expose the bots
to added threats, compromising the
processes

Effective risk management practices will be imperative to the successful adoption of AI. Leadership should articulate these
practices and embed them across the entire organization. Boards, senior management teams, and control functions
will be required to increase their understanding of AI. Similarly, technology staff specializing in AI should develop a clear
understanding of the risk and regulatory implications of AI.12

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 Artificial intelligence | The next frontier for investment management firms

The AI journey–where to start

AI unquestionably presents compelling opportunities for investment management firms, from exponential improvements to
business-as-usual processes to the radical reshaping of business models. Investment management firms can start to unlock the
transformative benefits of AI by implementing incremental changes to their operating model. Firms will however need to carefully
manage and monitor talent and converging technologies.

Talent—planning for augmented workforces

Rolling out AI will require agility in development, as well as the right combination of people, processes and technology. With a
limited talent pool, there is a “war for talent” as financial institutions compete with other industries to attract and retain people
with the knowledge, skills and capabilities needed to create an AI-enabled workplace. The absence of a long-term talent strategy
could be a major speed bump down the line for firms looking to gain a competitive advantage and fully benefit from larger-scale AI
opportunities. Early adopters need the right mix of talent to accelerate their progress.

Converging technologies—don’t develop AI in isolation

The recent World Economic Forum report, How Artificial Intelligence is transforming the Financial Ecosystem prepared in collaboration
with Deloitte, emphasized the importance of recognizing that AI is not an independent, standalone technology or capability.13 The
potential benefits and capabilities which AI can offer are, and will be, firmly interlinked with the development of other technologies
such as blockchain and cloud.

Data and analytics Cloud computing

Firms are exploring new possibilities, and AI-enabled rapid
data processing is increasing the volume and quality of
idea generation. The exponential increase in data, including
alternative data, and computing power is a key enabler to
developing and sustaining a competitive advantage.
Many firms are implementing agile cloud solutions as they
look to modernize operations by shifting to a cloud-based
architecture. The shift to cloud enables organizations to
“plug and play” with third-party solutions. This in turn offers
up greater data storage and processing power required to
train new AI models.

Blockchain Quantum computing

Blockchain provides a source of data for investor identity
management. An investor’s digital identity can be bolstered
by AI which uses image recognition to verify an identity.
When married with blockchain, AI can also enable complex
and automated smart contracts to be executed, and
allowing for increased deployment to the blockchain.
When fed with big data, firms will be able to utilize quantum
computing capabilities to learn about the subject and
recommend actions. This will enable firms to optimize AI
solutions to more quickly identify correlations to support
functions. Quantum computing can also enhance secure
encryption capabilities, to the benefit of blockchain.

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Artificial intelligence | The next frontier for investment management firms

Where should investment management firms start?

•• Clearly define your AI strategy, articulating your business goals and understanding how AI will be utilized as part of your
business model. As part of this process firms will need to evaluate implications from a risk perspective.

•• Determine your go-forward path. A “pilot, prove, and scale approach” can rapidly demonstrate business value. Firms can
start today by identifying and evaluating use cases and presenting leaders with options for creating value. Operational discipline
through robust project management and change management will be critical to enabling scale.

•• Continue to focus on short-term value and quick wins. However, don’t let short-term priorities distract from
understanding and appraising the long-term implications of AI. Make the appropriate investments in talent and technology
needed for the transformation ahead.

•• Embrace strategic collaborations and partnerships to solve for issues collectively and benefit from collective ideation,
shared capabilities, and investment. Co-development will enable firms to sustainably develop unique and differentiated
products and services.

•• Work with industry stakeholders and engage with industry associations and regulators. Successful wide-scale adoption of AI
in investment management will require firms to work with a broad set of stakeholders. Collaboration with industry associations
and regulators will be important to ensure that investment managers have a voice at the table to appropriately influence
standards and regulatory developments.

The AI journey will undoubtedly be challenging but the opportunities for investment management firms will be transformative. Are
you ready for AI?

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 Artificial intelligence | The next frontier for investment management firms

Endnotes

1. “The New Physics of Financial Services. Understanding how artificial intelligence is transforming the financial ecosystem”, World Economic Forum,
August 2018, http://www3.weforum.org/docs/WEF_New_Physics_of_Financial_Services.pdf.

2. “BlackRock bulks up research into artificial intelligence” by Robin Wigglesworth, Financial Times, 19 February 2018, https://www.ft.com/
content/4f5720ce-1552-11e8-9376-4a6390addb44.

3. “Alternative data for investment decisions: Today’s innovation could be tomorrow’s requirement”, Deloitte, 2017.

4. “Man vs. Machine: Speed and Scale in Threat Intelligence”, Chris Pace, 15 November, 2017. Retrieved from https://www.recordedfuture.com/machine-
learning-results/.

5. “The New Physics of Financial Services. Understanding how artificial intelligence is transforming the financial ecosystem”, World Economic Forum,
August 2018, http://www3.weforum.org/docs/WEF_New_Physics_of_Financial_Services.pdf.

6. “The Oxford-Man Institute, Man AHL and the direction of machine learning”. Retrieved from https://www.man.com/oxford-man-institute-man-ahl-and-
the-direction-of-machine-learning.

7. “The New Physics of Financial Services. Understanding how artificial intelligence is transforming the financial ecosystem”, World Economic Forum,
August 2018, http://www3.weforum.org/docs/WEF_New_Physics_of_Financial_Services.pdf.

8. “BlackRock bets on Aladdin as genie of growth”, Attracta Mooney, 18 May 2017. Retrieved from https://www.ft.com/content/eda44658-3592-11e7-99bd-
13beb0903fa3.

9. “UBS launches ‘Aladdin for advisers‘”, Robert Van Egghen, 13 March 2018. Retrieved http://igniteseurope.com/emailcontent/1909544/223684.

10. “Why artificial intelligence is a game changer for risk management”, Deloitte, 2016.

11. “BlackRock to use machine learning to gauge liquidity risk”, Faye Kilburn, 24 July 2017. Retrieved from https://www.risk.net/asset-management/5307586/
blackrock-to-use-machine-learning-to-gauge-liquidity.

12. “AI and risk management - Innovating with confidence”, Deloitte, 2018.

13. “The New Physics of Financial Services. Understanding how artificial intelligence is transforming the financial ecosystem”, World Economic Forum,
August 2018, http://www3.weforum.org/docs/WEF_New_Physics_of_Financial_Services.pdf.

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Artificial intelligence | The next frontier for investment management firms

Contacts

About Deloitte’s global investment management group

As global leaders in providing professional services to the investment management industry, Deloitte works with clients to
address a range of critical issues brought on by regulatory changes, competition, globalization, advances in technology, and the
changing demands of their customers. Our cross-functional industry group of more than 8,300 practitioners provides a spectrum
of services to a broad range of investment management companies, including private equity firms, sovereign wealth funds, and
asset managers around the world. Learn more at www.deloitte.com/investmentmanagement.

Global Investment Management Leadership

Cary Stier David Dalton

Global Investment Management Sector Leader Global Investment Management Consulting Leader
Deloitte Global Deloitte Ireland
cstier@deloitte.com ddalton@deloitte.ie

Karl Ehrsam Tony Gaughan

Global Investment Management Risk Advisory Leader Global Asset Manager Subsector Leader
Deloitte United States Deloitte UK
kehrsam@deloitte.com tgaughan@deloitte.co.uk

Andy Newsome
Global Private Equity & Sovereign Wealth Funds Subsector Leader
Deloitte UK
anewsome@deloitte.co.uk

Contacts

Kristina Davis Sridhar Rajan

US Investment Management Risk & Financial Advisory Leader US Investment Management Robotics & Cognitive Leader
Deloitte United States Deloitte United States
kbdavis@deloitte.com srajan@deloitte.com

Liliana Robu Jib Wilkinson

US Investment Management Consulting Leader US Investment Management Analytics Leader
Deloitte United States Deloitte United States
lrobu@deloitte.com kwilkinson@deloitte.com

Authors

Luke Halpin Doug Dannemiller

Manager Research Leader, Investment Management
Deloitte Ireland Deloitte Center for Financial Services, Deloitte United States
lhalpin@deloitte.ie ddannemiller@deloitte.com

Contributors
In addition, we thank the following people from Deloitte United States for their contributions to this paper: Liz Bock, Chaithanya
Mangalampalli, and Vincenzo Rispoli.

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